Neoliberal Capitalism as Secular Ideology: An Islamic Intellectual Response

Abstract

Today’s global economy is marked by mounting debt, widening inequality, and persistent instability. These are challenges that have long accompanied capitalism, particularly neoliberal capitalism (or free-market economy) that characterises the current global economy. These challenges are often interpreted from a technical standpoint; however, such explanations overlook the deeper ideological roots of the problem. Neoliberal capitalism is not merely an economic system but one infused with a secular ideology that celebrates greed, legitimises envy, and elevates consumption as the measure of prosperity. This problem is pervasive. While recent protectionist shifts may appear to signal a break from the current system, many of its core ideological features, such as unbridled consumerism and rampant inequality, have, for the most part, remained firmly intact. This paper traces the development of neoliberal capitalism through a combination of critical-conceptual analysis and intellectual history, engaging with ideas from notable Western thinkers as well as authoritative Islamic scholars. The analysis shows that neoliberal capitalism needs to be addressed primarily as an ideological problem rather than a purely technical systemic problem. The appropriate remedy is education.